CoinW Research Institute Weekly Report (January 5, 2026 - January 11, 2026)

2026-01-12 15:04:23

Collection

The total market value of global cryptocurrencies is $3.19 trillion, down from $3.22 trillion last week, a decrease of 0.9% this week.

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies is $3.19 trillion, down from $3.22 trillion last week, representing a decrease of 0.9%. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $56.4 billion, with a net outflow of $681 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $12.43 billion, with a net outflow of $68.57 million this week.

The total market capitalization of stablecoins is $308.1 billion, with USDT having a market cap of $186.6 billion, accounting for 60.56% of the total stablecoin market cap; followed by USDC with a market cap of $74.6 billion, accounting for 24.21%; and DAI with a market cap of $5.36 billion, accounting for 1.73%.

According to DeFiLlama, the total TVL of DeFi this week is $123.9 billion, down from $124.3 billion last week, a decrease of about 0.32%. By public chain, the top three chains by TVL are Ethereum at 68.2%; Solana at 8.47%; and Bitcoin at 6.61%.

In terms of on-chain data this week, only BNB Chain (+47.29%) and Aptos (+4.31%) saw an increase in daily trading volume, while all other chains experienced declines, with Solana (-40.53%), Ethereum (-39.25%), and Ton (-33.33%) showing relatively large drops; transaction fees remained relatively stable, with Ethereum, BNB Chain, and Ton remaining flat, while Aptos saw a slight increase of 4.21%, and Solana (-6.9%) and Sui (-10.39%) experienced declines. In terms of daily active addresses, only Solana (+29.81%) and Ethereum (+8.09%) saw increases, while Sui declined by about 55.84%, and Aptos (-11.54%) and BNB Chain (-7.11%) also fell; overall, TVL showed limited fluctuations, with Ethereum (-0.97%) and Ton (-4.07%) slightly decreasing, while other chains saw slight increases.

New Project Focus: Block Security Arena is an AI-driven security infrastructure platform focused on the Web3 space, building a "closed-loop" security ecosystem by integrating AI technology, practical exercises, and educational systems to help developers and security researchers enhance their smart contract security capabilities. Ubyx is a global stablecoin clearing system designed to allow anyone, regardless of location, to deposit stablecoins from multiple issuers and various currencies into existing bank or fintech accounts and exchange them for fiat at face value, transforming stablecoins from traditional crypto assets into digital cash equivalents. JPEG.fun is a Web3-native social prediction interactive gaming platform where players can bet and compete around daily themed photos, winning prize pools by betting on specific images and competing for the highest bets, integrating social interaction, community participation, and on-chain settlement mechanisms to create a relaxed and fun new cultural entertainment experience.

Key Points

Market Overview
Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Rates
Decentralized Finance (DeFi)
On-Chain Data
Stablecoin Market Cap and Issuance
Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
Industry News
Major Industry Events This Week
Major Upcoming Events Next Week
Important Investments and Financing Last Week
Reference Links

1. Market Overview

1. Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion

The global total cryptocurrency market cap is $3.19 trillion, down from $3.22 trillion last week, representing a decrease of 0.9%.

Data Source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of January 11, 2026

As of the time of writing, the market cap of Bitcoin is $1.82 trillion, accounting for 57.1% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $308.1 billion, accounting for 9.65% of the total cryptocurrency market cap.

Data Source: coingeck, https://www.coingecko.com/en/charts

Data as of January 11, 2026

2. Fear Index

The cryptocurrency fear index is at 26, indicating fear.

Data Source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex

Data as of January 11, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $56.4 billion, with a net outflow of $681 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $12.43 billion, with a net outflow of $68.57 million this week.

Data Source: sosovalue, https://sosovalue.com/zh/assets/etf

Data as of January 11, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $3,116.79, all-time high $4,878.26, down approximately 37.01% from the all-time high.

ETHBTC: Currently at 0.034207, all-time high 0.1238.

Data Source: ratiogang, https://ratiogang.com/

Data as of January 11, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $123.9 billion, down from $124.3 billion last week, a decrease of about 0.32%.

Data Source: defillama, https://defillama.com

Data as of January 11, 2026

By public chain, the top three chains by TVL are Ethereum, accounting for 68.2%; Solana, accounting for 8.47%; and Bitcoin, accounting for 6.61%.

Data Source: CoinW Research Institute, defillama, https://defillama.com

Data as of January 11, 2026

6. On-Chain Data

Layer 1 Related Data

Mainly analyzing daily trading volume, daily active addresses, and transaction fees for the current major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS.

Data Source: CoinW Research Institute, defillama, https://defillama.com

Data as of January 11, 2026

On-chain Dex daily trading volume and transaction fees: On-chain Dex daily trading volume and transaction fees are core indicators of public chain activity and user experience. This week, only BNB Chain and Aptos saw increases of 47.29% and 4.31%, respectively; all other chains experienced declines, with Solana (-40.53%), Ethereum (-39.25%), Ton (-33.33%), and Sui (-21.11%). In terms of transaction fees, this week Ethereum, BNB Chain, and Ton remained flat compared to last week; Aptos saw a slight increase of 4.21%; Solana and Sui decreased by 6.9% and 10.39%, respectively.
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. This week, only Solana (+29.81%) and Ethereum (+8.09%) saw increases in daily active addresses, while all other chains experienced declines, with Sui seeing the largest drop of 55.84%, followed by Aptos and BNB Chain with declines of 11.54% and 7.11%, respectively, and Ton slightly down by 0.33%. In terms of TVL, there were no significant changes across chains this week. Ethereum and Ton saw slight decreases of 0.97% and 4.07%, respectively; while other chains saw slight increases, including Sui (4.75%), Solana (2.24%), BNB Chain (1.04%), and Aptos (0.91%).

Layer 2 Related Data

According to L2Beat, the total TVL of Ethereum Layer 2 is $38.6 billion, an increase of 1.82% from last week ($37.91 billion).

Data Source: L2Beat, https://l2beat.com/scaling/tvs

Data as of January 11, 2026

Base and Arbitrum occupy the top positions with market shares of 36.85% and 34.77%, respectively. Base's market share has decreased slightly over the past week, while Arbitrum has seen a slight increase.

Data Source: footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview

Data as of January 11, 2026

7. Stablecoin Market Cap and Issuance

According to Coinglass, the total market cap of stablecoins is $308.1 billion, with USDT having a market cap of $186.6 billion, accounting for 60.56% of the total stablecoin market cap; followed by USDC with a market cap of $74.6 billion, accounting for 24.21%; and DAI with a market cap of $5.36 billion, accounting for 1.73%.

Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin

Data as of January 11, 2026

According to Whale Alert, this week USDC Treasury issued a total of 1.74 billion USDC, and Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 2.74 billion, an increase of 27.79% compared to last week's total issuance of 2.11 billion.

Data Source: Whale Alert, https://x.com/whale_alert

Data as of January 11, 2026

2. Hot Money Trends This Week

1. Top Five VC Coins and Meme Coins by Growth This Week

Top Five VC Coins by Growth in the Past Week

Data Source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of January 11, 2026

Top Five Meme Coins by Growth in the Past Week

Data Source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of January 11, 2026

2. New Project Insights

Block Security Arena is an AI-driven security infrastructure platform focused on the Web3 space, building a "closed-loop" security ecosystem by integrating AI technology, practical exercises, and educational systems to help developers and security researchers enhance their smart contract security capabilities. The platform offers core features such as an AI security academy based on RAG (Retrieval-Augmented Generation) technology, attack simulation challenges in a Docker sandbox environment, an AI auditing assistant for developers, and a token risk radar, allowing users to learn, practice, test, and apply security knowledge while providing automatic risk detection and security analysis tools for smart contracts. BSA aims to connect project parties with white-hat hackers through incentive mechanisms, gradually developing into a decentralized security response center to alleviate the shortage of Web3 security talent and risk protection challenges.

Ubyx is a global stablecoin clearing system designed to allow anyone, regardless of location, to deposit stablecoins from multiple issuers and various currencies into existing bank or fintech accounts and exchange them for fiat at face value, transforming stablecoins from traditional crypto assets into digital cash equivalents. It addresses the integration issues between multiple issuers, multi-chain, and multi-currency through a regulated clearing network, supporting compliant exchange channels while retaining decentralized and on-chain peer-to-peer payment functions, building an interconnected ecosystem for traditional financial institutions, stablecoin issuers, users, and developers to promote stablecoins as a widely accepted payment method.

JPEG.fun is a Web3-native social prediction interactive gaming platform where players can bet and compete around daily themed photos, winning prize pools by betting on specific images and competing for the highest bets, integrating social interaction, community participation, and on-chain settlement mechanisms to create a relaxed and fun new cultural entertainment experience. The project initially started as a pixel art NFT platform, which gradually evolved into a gameplay centered around image guessing and interaction, connecting users and communities through decentralized betting and reward mechanisms, making JPEG.fun not only a gaming experience but also exploring new forms of interaction between culture, creativity, and the crypto world.

3. Industry News

1. Major Industry Events This Week

ZenChain (ZTC) completed its token generation event (TGE) on January 7, 2026, and announced its complete token economic model on January 6. The total supply of ZTC is 21 billion, with 7% explicitly allocated for airdrops, primarily targeting early testnet participants, ecological contributors, and active users. The official confirmation states that the airdrop will adopt a claim mechanism, but specific snapshot and claim times have not yet been announced, with detailed rules expected to be released around the launch of the mainnet in the first quarter of 2026.

On January 8, 2026, the Web3 wallet brand SafePal natively integrated the decentralized stablecoin staking protocol Morpho Vaults in its latest V4.10.6 version. Additionally, SafePal and Morpho jointly launched the Walletdrop airdrop event (January 8, 2026 - February 7, 2026, UTC 9:00), where participants staking Morpho in SafePal Earn have the chance to win 500 limited Morpho × SafePal co-branded hardware wallets and enjoy exclusive benefits, while sharing a total reward pool of $5,000 in MORPHO tokens; the event also includes an additional reward mechanism unlocked for every 200 retweets of X/Twitter posts. Staking participation must be done within SafePal Earn, and rewards will be distributed to eligible participants according to the rules after the event ends.

Brevis (BREV) conducted its token generation event (TGE) on January 6, 2026, UTC, and opened trading, with approximately 250 million (25%) BREV entering the circulating market for the first time. In terms of airdrops, a specific HODLer airdrop event allocated approximately 15 million BREV (about 1.5% of the total) to eligible users from December 17 to 19, 2025, while the project has been gradually allowing users to earn points (Sparks) through the "Proving Grounds" community program since October 13, 2025, which will affect future airdrop allocation eligibility. The airdrop registration portal has also been announced and will soon be launched. Brevis is a zero-knowledge proof (ZK) off-chain computing engine project aimed at enhancing the scalability and efficiency of smart contracts and decentralized applications, with a total supply of 1 billion BREV tokens for purposes such as paying computation fees, staking rewards, and governance.

2. Major Upcoming Events Next Week

Fogo will launch its token generation event alongside the mainnet on January 13, 2026 (UTC), with FOGO tokens beginning to circulate and the first batch of supply unlocking. In terms of airdrops, Fogo has canceled its original plan for a token presale and will convert the corresponding 2% of tokens into community airdrops, while approximately 6% of tokens will be allocated to the community at the mainnet launch (with about 1.5% distributed directly on the TGE day). Airdrop eligibility is primarily based on the previous Fogo Flames points system and testnet participation behavior, with the snapshot completed, and specific claiming methods to be announced alongside the mainnet launch. The project itself is a high-performance Layer-1 blockchain based on SVM (Solana Virtual Machine) and using the Firedancer client, with the core goal of achieving higher throughput, lower latency, and stronger execution performance while ensuring decentralization, providing underlying infrastructure support for high-frequency trading and complex on-chain applications.

Infinex (INX) conducted an INX token sale from January 3 to 6, 2026, selling approximately 5% of the total supply, and plans to complete its TGE (token generation event) in late January 2026, with specific dates to be confirmed by the official announcement. Tokens purchased in the sale are default locked for one year but allow for earlier unlocking at a higher valuation during the TGE. In terms of airdrops, Infinex has not announced a general free airdrop plan for all users, but has distributed INX token vouchers or reward eligibility to early users through previous community activities like Craterun, which will be exchanged for INX tokens according to the rules after the TGE or mainnet launch.

The Web3 wallet Rainbow officially launched its native token $RNBW, with a total supply of 1 billion tokens, and has announced its token economic design, with the TGE (token generation event) scheduled for February 5, 2026 (UTC), at which time approximately 20% of the supply, including airdrops, will be unlocked, with airdrop allocation accounting for 15%. The airdrop portion will mainly be realized through the Rainbow Points incentive program, where users can accumulate points by performing on-chain operations (such as swaps, bridging, NFT activities, invitations, etc.) within the Rainbow wallet, and these points will be converted into RNBW tokens at the official ratio during the TGE. Currently, the airdrop snapshot and claiming details have not been announced, and users need to continue using Rainbow and accumulate points to improve their future airdrop allocation shares.

3. Important Investments and Financing Last Week

Boings.ai announced the completion of approximately $30 million in seed round financing, led by Honey Capital, with participation from LandScape Capital, Hotcoin Labs, Starbase, and Go2Mars Labs. Boings.ai is a Web3 value collaboration network aimed at empowering "super individuals" to instantly convert personal skills into on-chain value, built on the BNB Chain and supported by the 402 protocol. The funding will be used for global expansion, ecosystem growth, and the development of an AI-driven matching engine. (January 5, 2026)

Babylon announced the completion of $15 million in financing, led by a16z Crypto (the crypto investment arm of Andreessen Horowitz), with the valuation not publicly disclosed. The funds were invested in the form of a16z purchasing Babylon's BABY tokens, aimed at advancing its Bitcoin-native collateral and lending infrastructure, with plans to integrate with the lending protocol Aave in the second quarter of 2026 to test and launch Bitcoin-native collateral functionality. Babylon is committed to building a Bitcoin-native staking and trust-minimized financial infrastructure, aiming to allow Bitcoin to enter the decentralized finance space as an on-chain usable collateral asset while maintaining its security and zero additional energy costs. (January 7, 2026)

The global AI-driven digital finance and payment infrastructure platform PhotonPay announced the completion of several tens of millions of dollars in Series B financing, led by IDG Capital, with GL Ventures, Enlight Capital, Lightspeed Faction, and Shoplazza participating, and Blacksheep Technology serving as the exclusive financial advisor. The new funds will be used to deepen the deployment of the global payment network, upgrade the technology architecture, and accelerate global business expansion and compliance layout. PhotonPay is a global AI-driven digital financial infrastructure platform aimed at solving integrated payment and capital flow issues, empowering enterprises' global business growth through secure, compliant, and efficient underlying architecture and intelligent technology. (January 9, 2026)